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Ovid Therapeutics Inc. (OVID) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2018

Ovid Therapeutics Inc.

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CIK: 1636651 Ticker: OVID

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Exhibit 99.1

 

 

 

 

Ovid Therapeutics Reports Fourth Quarter and Full Year 2018 Financial Results

 

NEW YORK – March 7, 2019

- Ovid Therapeutics Inc. (NASDAQ: OVID), a biopharmaceutical company committed to developing medicines that transform the lives of people with rare neurological disorders, today reported financial results for the fourth quarter and full year ended December 31, 2018.

 

“2018 was a highly productive year for Ovid, with important milestones achieved in our lead programs, OV101 for individuals with Angelman syndrome and OV935 for individuals with rare developmental epilepsies,” said Jeremy Levin, DPhil, MB, BChir, Chairman and Chief Executive Officer of Ovid Therapeutics. “Both programs have clear and realistic development paths, and we are looking forward to continuing to advance these important medicines. 2019 will be another busy year for Ovid, with the anticipated start of our NEPTUNE Phase 3 pivotal study in Angelman syndrome, the reporting of top-line results from our Phase 2 ROCKET trial for OV101 in Fragile X syndrome, and the continued progress of our Phase 2 trials from our broad development program in developmental and epileptic encephalopathies for OV935.”

 

Fourth Quarter and Year Ended December 31, 2018 Financial Results

 

 

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As of December 31, 2018, cash, cash equivalents, and short-term investments totaled $41.5 million.

 

 

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In February 2019, the Company raised net proceeds of approximately $31.0 million in a public offering, after deducting the underwriting discounts and commissions and estimated offering expenses.

 

 

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Research and development expenses were $8.6 million and $33.8 million for the fourth quarter and year ended December 31, 2018, respectively, as compared to $6.7 million and $50.0 million for the same periods in 2017. The decrease for the year ended December 31, 2018 was primarily due to a non-cash equity charge of $25.9 million during 2017, related to an upfront payment for the Takeda collaboration agreement, partially offset by an increase in development activities related to the Company’s ongoing development programs.

 

 

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General and administrative expenses were $4.5 million and $19.1 million for the fourth quarter and year ended December 31, 2018, respectively, as compared to $4.3 million and $15.0 million for the same periods in 2017. The difference was primarily due to higher payroll and payroll-related expenses due to growth in headcount as the Company expanded its operations.

The following information was filed by Ovid Therapeutics Inc. (OVID) on Thursday, March 7, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statement Of Changes In Stockholders' Equity
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Loss
Consolidated Statements Of Operations
Accrued Expenses
Accrued Expenses (Tables)
Accrued Expenses - Schedule Of Accrued Expenses (Detail)
Cash Equivalents And Short-Term Investments
Cash Equivalents And Short-Term Investments (Tables)
Cash Equivalents And Short-Term Investments - Additional Information (Detail)
Cash Equivalents And Short-Term Investments - Summary Of Fair Value Of Cash Equivalents, Short-Term Investments And Gross Unrealized Holding Gains And Losses (Detail)
Cash Equivalents And Short-Term Investments - Summary Of Fair Value Of Cash Equivalents, Short-Term Investments And Gross Unrealized Holding Gains And Losses (Parenthetical) (Detail)
Collaboration Agreement
Collaboration Agreement - Additional Information (Detail)
Commitment And Contingencies - Additional Information (Detail)
Commitments And Contingencies
Income Taxes
Income Taxes (Tables)
Income Taxes - Additional Information (Detail)
Income Taxes - Reconciliation Of Statutory U.S. Federal Rate To Effective Tax Rate (Detail)
Income Taxes - Schedule Of Deferred Tax Assets And Liabilities (Detail)
Nature Of Operations
Nature Of Operations - Additional Information (Detail)
Property And Equipment And Intangible Assets
Property And Equipment And Intangible Assets (Tables)
Property And Equipment And Intangible Assets - Additional Information (Detail)
Property And Equipment And Intangible Assets - Summary Of Property And Equipment (Detail)
Selected Quarterly Financial Data (Unaudited)
Selected Quarterly Financial Data (Unaudited) (Tables)
Selected Quarterly Financial Data (Unaudited) - Schedule Of Selected Quarterly Financial Information (Detail)
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation - Additional Information (Detail)
Stock-Based Compensation - Summary Of Assumptions Used To Compute Fair Value Of Employee Option Granted (Detail)
Stock-Based Compensation - Summary Of Options Outstanding And Weighted Average Exercise Price (Detail)
Stock-Based Compensation - Summary Of Recognized Stock-Based Compensation Expense (Detail)
Stockholders' Equity And Preferred Stock
Stockholders' Equity And Preferred Stock - Additional Information (Detail)
Subsequent Events
Subsequent Events - Additional Information (Detail)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Additional Information (Detail)
Summary Of Significant Accounting Policies - Schedule Potentially Dilutive Securities Excluded From Computations Of Diluted Weighted Average Shares Outstanding (Detail)

Material Contracts, Statements, Certifications & more

Ovid Therapeutics Inc. provided additional information to their SEC Filing as exhibits

Exhibit 23.1: Consents Of Experts And Counsel
Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 32.1: Section 1350 Certification
Ticker: OVID
CIK: 1636651
Form Type: 10-K Annual Report
Accession Number: 0001564590-19-006804
Submitted to the SEC: Thu Mar 07 2019 4:31:13 PM EST
Accepted by the SEC: Thu Mar 07 2019
Period: Monday, December 31, 2018
Industry: Pharmaceutical Preparations

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